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ME Online Savings Account

ME Online Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.30
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Earn a highly competitive 3.05% p.a. on your hard-earned savings (conditions apply).

  • Ongoing 3.05% p.a. variable rate (conditions apply)
  • Link to a ME Everyday account and make a weekly tap & go purchase
  • $0 Account keeping and transaction fees
  • Available on balances up to $250,000

Product details

Open a ME Online Savings Account as well as a ME Everyday Transaction Account and make a weekly Tap & Go purchase using your Debit Mastercard. To take advantage of the bonus interest rate, you'll need to link it with a ME Transaction Account within 14 days.

There is no minimum amount for the weekly purchase to receive the bonus interest rate with the ME Everyday Transaction Debit Mastercard using Tap & Go.

Product Name
ME Online Savings Account
Maximum Variable Rate
3.05% p.a.
Standard Variable Rate
1.30% p.a.
Bonus Variable Rate
1.75% p.a.
Introductory / Bonus Offer Conditions
To receive bonus interest for any calendar month you must have a ME Everyday Transaction Account and during that month make a weekly purchase with your ETA Debit Mastercard using tap & go. Bonus interest is only payable on balances up to $250,000.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$0
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Maximum Deposit
$250,000
Joint application?
Yes
Minimum Age Requirement
12
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)
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What are the features of the ME Online Savings Account?

While comparing the benefits of ME's online savings account, keep the following features in mind.

Ongoing, variable interest rate of 3.05% p.a. on your first ME Online Savings account when you link with a ME Everyday account and make a weekly tap & go purchase.

The bonus interest is only payable up to amounts of $250,000 on the first ME Online Savings Account you open unless it was opened before 10 August 2015. You must link to your ME Everyday Transaction Account and make a purchase using your debit Mastercard each week with Tap & Go.

Base interest rate of 1.30% p.a.

Regardless of your savings account deposit or the amount of monthly deposits, your account balance will have a variable interest rate of 1.30% p.a. applied to it monthly.

Previously held an ME Online Savings account before 10 August 2015?

You’re only eligible for the bonus rate upon request – speak to ME on the phone today!

How is my interest calculated?

Interest on your balance will be calculated each day and paid into your account once a month. The bonus interest is only payable up to amounts of $250,000. You can compare savings accounts that award the maximum rate on balances greater than $250,000.

What if I've opened the savings account mid-month? Do I still get the bonus interest?

Unfortunately no, since you haven't met the weekly contactless payment requirement, you are not eligible for this month. However, you are still eligible to receive the bonus rate next month.

Are contactless payments actually safe?

Contactless payments are considered safe and are now rolled out on newly issued cards. For every transaction you make, your debit card generates a unique code that prevents you from being charged twice. The card has to be four centimetres away from the reader so people can't steal your information nor can you pay for other people's transactions.

If your card is lost or stolen and you report it right away, you are eligible for the Mastercard or Visa Zero Liability Guarantee which means you won't be held responsible for any unauthorised transactions. Read our Contactless Payments guide for more information.

What kind of things can I purchase with tap & go?

Contactless payment EFTPOS machines are available at everyday retailers, such as Woolworths, Coles, Caltex Petrol, 7-Eleven, etc.

How long does the bonus rate last for?

The bonus rate is currently ongoing, assuming you meet the conditions. It is a variable interest rate, so will most likely follow the RBA cash rate.

When does the weekly cycle start?

The weekly cycle starts from the first time you make your contactless payment. As long as you make a contactless payment every calendar week or every successive 7 day period, you'll be eligible for the bonus rate.

In summary, use it at least once every Monday to Sunday.

$0 Account management fees

There are $0 monthly fees charged to your account with the ME online savings account. The linked ME Everyday Transaction also doesn't charge any ATM fees or monthly fees.

$0 Transaction fees

ME Bank offers you unlimited transactions into and out of your savings account without charging any fees.

24/7 Online and phone accessibility

Your account information is available around the clock, allowing you to transfer money whenever you have need to.

$0 Minimum deposit

You do not need to make an initial deposit to open your savings account and there are no monthly minimum deposit requirements.

Deposit transactions

Easily make deposits from your nominated account with online banking. You are also permitted to make deposits from other accounts that are not directly linked to your savings account.

Withdrawal transactions

You are allowed unlimited withdrawals with this account by transferring the money into the transaction account you have linked to it.

Is ME owned by one of the big four? How can they offer such good rates?

ME is not owned by any bank, instead it is 100% owned by industry super funds. Instead of returning its profits back to shareholders, it goes back to its members who are the account holders.

Does ME have any branches?

ME is an online bank and doesn't have any branches. If you'd like to make a cash deposit into your account, you can do so via your local Bank@Post outlet. If you would like to speak to a member of its customer service team, the service centre is open Mon - Fri 8am to 8pm and Saturday 9am to 5pm.

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Pros

  • Competitive ongoing interest rate of 3.05% p.a. if you meet the conditions
  • $0 Account keeping fees

Cons

  • Weekly tap & go purchase required to earn the bonus interest rate
  • Bonus interest rate applies up to balances of $250,000
  • ME Bank doesn't have any branches

How do I apply for the ME Online Savings Account?

If you like the idea of total accessibility and no fees to save your money, you can apply for the ME Online Savings Account by clicking ‘go to site’.

Eligibility to apply online

Before following the link to the secure application form, make sure that you are eligible for the account by checking the following requirements:

  • Age eligibility. You must be at least 12 of age to open this savings account, and fill out the application on your own.
  • Resident eligibility. Citizens and permanent residents of Australia are eligible to apply as well as Australian residents for tax purposes. You must have an Australian residential address.
  • Account use. This savings account is intended for personal use only. If you are interested in a savings account for a business, company or trust, look into ME Bank’s business products and services.

Documentation you'll need when applying online

If you are eligible, gather the following documentation and click the ‘go to site’ button:

  • Identifying documents. Identifying documents include your Australian driver’s licence, passport, birth certificate or Medicare card. You will need information from at least two of these in order for ME to verify your identity electronically.
  • Nominated bank account. In order to be able to add to your savings account and make withdrawals, you will need to provide the account information for an everyday account.
  • Personal details. You will be asked to provide your full name, date of birth and physical address in order for your application to be processed.

What happens after I submit my application?

Once ME has verified your identity, they will open your savings account. Once open, you can begin making deposits or set up direct deposits to your savings account from another bank account.

Unfortunately, the bonus interest is only applied to your first ME Online Savings Account.
You don’t have to make regular deposits or withdrawals from the transaction account to qualify for the bonus rate. There are no hidden fees or penalties, but it’s best to check the Product Disclosure Statement before you commit to a product.
Unfortunately, the offer is available only for new ME members. Please note that other conditions apply.
The bonus interest rate is only available for new account holders. You will continue to earn a high yield, however, you may want to consider switching to another account.
There are no fees when withdrawing from this account.
The ME Online Savings Account and ME Everyday Transaction Accounts need to be opened in separate applications. It’s advisable that you open the ME Everyday Transaction Account first to obtain your BSB and account number, and then link it to your ME Online Savings Account during your application.
To our knowledge, the Government Guarantee is still available for new accounts with ME. Please see the official APRA website for more information.
You can contact your bank to request that they allow a one-time transfer of $250,000. However, this permission does depend on your bank’s policies. Alternatively, you can make multiple transfers into your ME account until you’ve transferred the full amount.
There’s no maximum amount you can transfer from your ME Online Savings Account.
Yes, it is covered by the Government Guarantee.
Unfortunately, the bonus interest applies to the first account you open and is for personal use only.
There is no monthly account-keeping fee and no minimum deposit required.
You can open an ME Everyday Transaction Account during your application for the Online Savings Account. Unfortunately, the rate is only available on one account: yours or a joint account holder.
Almost every savings account in the market today requires you to have a linked transaction account. This enables you to move funds in and out of your savings account. The ME Online Savings Account requires you to link it to the ME Everyday Transaction Account in order to earn extra interest. As we are not representatives of ME, we do not know why they require users to link these accounts together.
This account is required to take up the special bonus interest rate. Unfortunately, as we do not represent ME, we can’t comment on why it’s required. There are no monthly account-keeping fees, nor are there fees for the debit card, which comes with this account, or for EFTPOS purchases. ATM withdrawals are also free when using Westpac, Bank of Melbourne, St.George and BankSA ATMs. You will pay fees for making international ATM withdrawals and for making purchases overseas. For more information on the fees on this account, please check the terms and conditions.
You’ll need to contact ME directly regarding this matter. They’ll be able to help you with this issue.
The limit of up to $250,000 applies to each account, including joint accounts. No you won’t lose the bonus interest, the interest will just be calculated up to the balance of $250,000.
You can transfer funds into this account through the linked account you’re required to have. This can be set up to make regular payments into your savings account. For more information about how you might do this, please contact the institution your linked bank account is with.
The ME Everyday Transaction Account is an account which can be linked to the ME Online Savings Account. It offers a range of features and benefits which you can read more about here.
Anyone who satisfies the eligibility criteria can apply for this account, regardless of whether they’re a new or existing customer. However, the bonus rate isn’t available if you or a joint account holder has previously held an ME Online Savings Account.
Interest is calculated daily and paid monthly.
For direct product enquiries, please contact the customer service team at ME.
If you withdraw funds, you’ll still receive the maximum variable rate if you link this account with the ME Everyday Transaction Account. ME does have a mobile app that allows you log into Internet banking and to find your nearest ATM.
You can deposit cash or cheques at any Australia Post displaying the Bank@Post™ symbol. All transactions made at Bank@Post will require your card and PIN.
This will depend on the institution you’re moving funds to. In some cases, your new institution will be able to authorise a direct debit to move funds from your old account to the new one. Alternatively, you might also be able to conduct a regular transfer from your ME account. If you’re daily transfer limit is smaller than the amount you’re transferring, you might be able to request a temporary limit increase.
This account calculates interest daily and pays monthly.
Unfortunately, the ME Online Savings Account is designed for personal use only. ME has a separate range of products for SMSFs and investments available on their website.
Yes, funds are covered by the Government Guarantee up to $250,000 per person, per institution.
Unfortunately, this account is intended for personal use only. ME does have a business account which can be used for SMSFs called the Business Investment Account.
This account is a regular savings account, so you can make deposits at any time.
There are no annual or monthly fees for this account.
ME is an online bank and has no physical branches. You can use Australia Post offices displaying the Bank@Post symbol to make some transactions, and you can use ATMs from ME, Westpac, St.George and BankSA.
You’ll need to apply for a ME Everyday Transaction Account first, before applying for the ME Online Savings Account.
ME no longer runs any physical branches. Their services are now offered online or via telephone.
This account and other savings accounts require a linked everyday account to give you the ability to move money in and out of your savings account. This is because most online savings accounts don’t allow ATM access or the ability to pay anyone directly from the savings account. The everyday account doesn’t have to have a certain amount of money in it, but remember that to earn the bonus interest on this account you must link it to an ME Everyday Transaction Account. You can close this account at the end without any issues.
Generally speaking, if the funds are paid before 5:30 - 6:00pm, they’re usually credited the next business day. If they’re paid after 6:00pm, they’re usually credited on the business day after this.
There are no monthly account-keeping fees, EFTPOS fees, or fees for the Debit Mastercard which comes with the ME Everyday Transaction Account. There are fees for using this card overseas, for getting a chequebook and other less common transactions, so be sure to check our site regularly for up-to-date information. In terms of security, this account benefits from Mastercard’s Zero Liability protection, which means you won’t be held accountable for fraudulent or unauthorised transactions if you follow the conditions of use. The linked debit card also comes with a security chip for added peace of mind.
Your linked account can be a non-ME bank account, as long as they’re both in the same name.
This is correct. You’ll earn the maximum variable rate pictured in the table above if you’re eligible for the bonus rate. Once the introductory period is over, your balance will earn interest at the standard variable rate pictured above. Keep in mind that bonus interest is only paid on balances up to $250,000.
There are no minimum deposits or withdrawal penalties for this account.
This account can be opened as a joint account, but unfortunately all applicants for this account must be Australian citizens or permanent residents.
Yes, this is correct. Unfortunately, most institutions will have similar rules regarding these accounts. Some banks such as ANZ and CBA will allow people from overseas to open an account in Australia and require them to identify themselves upon coming to Australia, so you might want to enquire with them.
The ME Everyday Transaction Account isn’t required to be linked to any everyday transaction account. The ME Online Savings Account does require an everyday transaction account to be linked to it. Any ANZ account which is classified as an everyday account is eligible.
The biggest benefit of the ME Online Savings Account is the fact that you’ll earn the bonus rate of interest (if you’re eligible) without having to make a minimum deposit each month or regardless of whether you make withdrawals. This isn’t the case with many other accounts. It also doesn’t have account-keeping fees. It will take up to three business days to open your account after ME receives your application form.
You may wish to speak to ME directly regarding this. We’re a financial comparison service, so are unable to negotiate rates. Generally speaking, banks can be negotiated with, so it’s a good idea to speak to them.
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119 Responses to ME Online Savings Account

  1. Default Gravatar
    new | June 14, 2017

    If I set up a savings account with an Everyday Transaction account, are they linked? This website says they must be linked to get the bonus interest. Do I need to do anything?

    Reply
    • Staff
      Jonathan | June 14, 2017

      Hi there!

      Thanks for reaching out.

      Yes, as long as you nominate your ME Everyday Transaction Account where the ME Online Savings can withdraw or deposit money at.

      Please refer to the Product Disclosure Statement of ME Online Savings Account, page 6

      3.12 You may change your nominated account, or the details of your nominated account, at any time by calling us. We will tell you what information we need and what to do. Your new nominated account or requested changes will not take effect until verified by us.

      Hope this clarifies,

      Cheers,
      Jonathan

      Reply
  2. Default Gravatar
    Barbara | June 6, 2017

    Is there a yearly charge to tap and go weekly,and can 3.05% be paid for over $250,000

    Reply
    • Staff
      May | June 6, 2017

      Hi Barbara,

      Thank you for your inquiry.

      There’s no yearly charge when you use the tap and go and with the ME Online Savings Account, you are allowed to have unlimited transactions into and out of your savings account without charging any fees.

      The Maximum Variable Rate of 3.05% p.a. is only payable on balances up to $250,000, more than that amount, the Standard Variable Rate of 1.30% p.a. will apply.

      Cheers,
      May

      Reply
  3. Default Gravatar
    lang | June 6, 2017

    Is Me covered under the Australian Government’s Deposit Protection Guarantee-FCS? Checking on the FCS list, I do not seems to be able to find Me?

    Reply
    • Staff
      Anndy | June 6, 2017

      Hi Lang,

      Thanks for your question.

      Yes, all ME’s savings accounts are guaranteed by the Australian government, up to $250,000 per customer. I’ve checked the FCS list and under Banks, you can find Members Equity Bank Ltd (ME Bank).

      Cheers,
      Anndy

      Reply
    • Default Gravatar
      | June 9, 2017

      Thank you, Anndy.

      Reply
  4. Default Gravatar
    harold | May 9, 2017

    is the 3.05 %rate an intrduction offer ?if yes for how many month ?

    Reply
    • Staff
      Anndy | May 11, 2017

      Hi Harold,

      Thanks for your question.

      The maximum variable rate of 3.05% p.a is an ongoing rate which is available on your first ME Online Savings up to the balance of $250,000 and upon meeting the eligibility criteria. To be eligible, you have to link your account with an ME Everyday account and make a weekly tap & go purchase.

      Cheers,
      Anndy

      Reply
    • Default Gravatar
      new | June 14, 2017

      How do I link a transaction account?

      Reply
    • Staff
      Jonathan | June 14, 2017

      Hi there!

      Thanks for the comment.

      The transaction account will be nominated upon account opening.

      Please refer to the Product Disclosure Statement of ME Online Savings Account, page 6

      3.10 To use your account, you must nominate an account with an Australian financial institution (including us). Your nominated account must be in your name or, where your account is held jointly, in the name of joint account holders. You may only have one nominated account linked to your account at any one time.

      Hope this helps.

      Cheers,
      Jonathan

      Reply
  5. Default Gravatar
    | May 2, 2017

    1.Is the bonus 1.75% also calculated on your ‘saving account’ amount or is that additional % calculated on the amount you have in your everyday transaction account only.

    2. Is there a minimum amount you must ‘Weekly tap & go purchase’ in order to receive the addition 1.75%

    Reply
    • Staff
      Anndy | May 3, 2017

      Hi Andrea,

      Thanks for your question.

      If you are eligible to receive the bonus rate offer, the maximum variable rate will be used in computing the total interest earned on your ME Online Savings Account outstanding balance.

      There is no minimum amount required for the weekly purchase to receive the bonus interest rate with the ME Everyday Transaction Debit MasterCard using Tap & Go.

      Cheers,
      Anndy

      Reply
  6. Default Gravatar
    Mui | March 7, 2017

    Q1. I have opened a joint account with my son at ME Online Saving accounts. In order to enjoy the 3.05%, do my son and myself have to spend weekly on our individual debit card OR can only 1 person do the weekly spending on his debit card?
    Q2. Now that I have opened a joint ME online savings account with my son, can I open another new ME online Savings Account under my own name and enjoy the 3.05% interest; so long as I spend on my own weekly debit card?

    Reply
    • Staff
      May | March 12, 2017

      Hi Mui,

      Thank you for your inquiry.

      Q1. I have opened a joint account with my son at ME Online Saving accounts. In order to enjoy the 3.05%, do my son and myself have to spend weekly on our individual debit card OR can only 1 person do the weekly spending on his debit card?
      Since the account is opened in a joint account, to receive the bonus interest for any calendar month, either one of you (or both of you) must make a weekly purchase with your linked ME Everyday Transaction Account during that month using tap & go.

      Q2. Now that I have opened a joint ME online savings account with my son, can I open another new ME online Savings Account under my own name and enjoy the 3.05% interest; so long as I spend on my own weekly debit card?
      The bonus rate only applies to your first account, including joint account, that you open. So since you already have a joint ME Online Savings Account, you will no longer be entitled to receive the bonus rate to your (own) second account.

      Cheers,
      May

      Reply
  7. Default Gravatar
    Lucy | March 5, 2017

    I see the Online Savings Account Bonus interest rate is only payable on balances up to $250,000. Given I have just over this amount, can I open a second Online Savings Account and have the two side by side to get the 3.05% on both rather than just on the $250,000 ?

    Reply
    • Staff
      May | March 6, 2017

      Hi Lucy,

      Thank you for your inquiry.

      Unfortunately, the bonus interest rate of 1.75% p.a. (to be able to get the maximum variable rate of 3.05% p.a.) only applies to the first account you open. just in case you may want to compare your other high-interest savings accounts, please refer to this page.

      Cheers,
      May

      Reply
  8. Default Gravatar
    Jeanette | February 11, 2017

    In relation to the 3.05% interest rate. I will be overseas for several months each year. Am I able to comply with the weekly tap and go by using my card overseas?

    Reply
    • Staff
      Anndy | February 12, 2017

      Hi Jeanette,

      Thanks for your question.

      You can use the linked debit Mastercard attached to the ME Online Savings Account while you are overseas, for the purpose of meeting the weekly tap & go purchase requirement. However, please note that doing so will attract a foreign currency conversion fee of 2.5% of the AUD value.

      You may want to check the terms and conditions of this account for more information on its features.

      Cheers,
      Anndy

      Reply
  9. Default Gravatar
    Tony | February 7, 2017

    There have been questions regarding interest rates of 3.55 but is no longer available.
    If I meet the conditions of the savings account can the rate of 3.05 be changed at short notice.
    Can I also use the tap and go card oversea without getting high fees.

    Reply
    • Staff
      May | February 7, 2017

      Hi Tony,

      Thank you for your inquiry.

      When the ME Bank changes its rate for the ME Online Savings Account, they will notify you through your statements. Their website will also feature the most up-to-date interest rates, or you can call them for more information.

      If you will use your ME Everyday Transaction Account (linked to this ME Online Savings Account) overseas, you will most likely be charged the following fees:

      1. International ATM withdrawal = $4. Please note that the withdrawals and enquiries at international ATMs may also incur an ATM operator fee charged by the ATM operator
      2. Foreign currency conversion fee for cash withdrawals and purchases = 2.5% of AUD value, which will be charged to your account immediately.

      Cheers,
      May

      Reply
  10. Default Gravatar
    Sean | January 25, 2017

    My son who is 15 is trying to open a Transaction account with a Savings account linked to it. It says here he can open a Savings account but on applying says he needs a transaction account. However when he went to open a Transaction account it says he needs to be 16 or over. How does he get around this ?

    Reply
    • Default Gravatar
      jezza | January 30, 2017

      just got to wait until he is 16

      Reply
    • Staff
      Anndy | January 26, 2017

      Hi Sean,

      Thanks for your question.

      Your son can still open an ME Online Savings Account. Unfortunately, since he is not yet eligible to open an ME Transaction Account, he will just receive the standard variable rate of 1.30% p.a. and not the bonus rate.

      Alternatively, you may want to check out other kids savings accounts with comparative rates here.

      Cheers,
      Anndy

      Reply
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